China State Construction Engineering Corporation has agreed a $2.2bn loan to finance its work on the central business district in Egypt’s New Administrative Capital.

The lending consortium, led by HSBC Egypt, agreed to a 13.5-year facility covered by China Export and Credit Insurance Corporation. HSBC has also provided a $500m loan to Egyptian contractor Redcon, which is building the Green River park in the capital.

The money will go on 18 towers that will accommodate government offices, hotels and leisure facilities.

Among these will be the 385m Iconic Tower (pictured), which will be Africa’s tallest building when it completes in the second half of 2021. This project is under way, and has reached 250m.

The first phase of the capital has an estimated construction cost of $3bn.

Meanwhile, this week Egyptian property company Taj Misr Developments announced the launch of a $95m commercial project in the capital.